Thank you Macuser. Correct they are different concepts which is why I believe it can be done. At least I have not found anything that prevents this approach.
Example:
20,000 Covid qualifying contribution. Elect 1/3 taxable so 6667 included 2020, 2021 and 2022. Prior to 4/15/2021 deposits of 14,000 made back into the same IRA. I am not seeing anything that is preventing the designation of 7000 of the 14000 as a "repayment" of the Covid distribution (and thereby eliminating the current year TI impact of the distribution) and designating 7000 as a deductible IRA contribution (presuming all other criteria for deductible IRA contributions are met). IRS Notice 2020-50 appears to be silent on this. Nothing prevents this treatment that I can discern.
